SELLING YOUR HOME IN THE CREDIT CRUNCH by Sam Biles MRICS, FAAV Managing Director of Creasey Biles and King specialist country and waterside property agents Tel: 01983 527744
Sellers in today's property market need to be more proactive than two years ago. Despite media stories of doom and gloom, sales are still happening, make sure your property is one of the ones selling. It is now a ‘buyer’s market’ not a ‘seller’s market’ Give buyers what they want. Many are slow to offer, give them enough positive factors to knock them off the fence.
Presentation and Price are vital, most people will have an emotional response to a house within a few seconds. You only ever get one chance to make a first impression. Move cars, tidy up the garden and the drive and paint the front door. Clean the windows, let in light. Buy a new kettle, shower screen, door handles and mirrors. De-clutter. Turn the box room into a bedroom. Hold a garage sale before you market your home, children love to turn their old toys into cash. Ask a friend’s honest opinion. Ask your agent for the 5 things they would recommend you do.
Select the best agent for your type of property. Look at their property stock. If you have a country property, chose a specialist in country property or a waterside specialist for waterside property. Don't choose your agent on the basis of the highest price and lowest commission. Chose an experienced agent who you trust, and be prepared to pay a decent commission.
For viewings air the house; coffee and the smell of baking bread are better than cat litter and the odour of grilled fish. Be introduced and be welcoming, disappear and then be available for questions. Remove pets - not everyone will love your smelly old spaniel like you do.
Price is so important, in today's market there don’t be too ambitious. You need to attract the most buyers in order to achieve a sale. A high price will not get people to view. Fix the right price; after 4 weeks with few viewings adjust the guide price to one at the bottom end of your expectations. Several bidders may push the price up. If you delay and the market falls, you do not want to chase it down - the only loser in that situation is you.
Press your agent to get offers, low offers don’t harm your property, you don't have to accept them. Turn low offers down politely and remember that the next person to come along will be told, 'they turned down a reasonable offer last week’ hopefully giving a buyer the confidence to offer closer to your minimum.
Maintenance costs worry buyers - if your house needs some work, have the work done or get quotations to quantify the costs . If buyers do not know the cost then they will assume the worst and offer low accordingly.
If you have to drop your price don't tinker, make a decent drop. Adjusting by 1% will make little difference, 5% might. You need to drop into a new area of the market with new buyers, if you don't someone else will and sell.
